eBTC, issued by Ether.Fi SEZC, is a tokenized Bitcoin liquid restaking interest that represents a claim on a vault of Bitcoin-denominated assets earning combined staking and restaking yield across multiple protocols [S1].

Holders gain economic exposure to Bitcoin while earning the composite staking rate of the vault's underlying assets [S1]. The vault is backed by Lombard LBTC and WBTC, staked through Babylon and restaked across EigenLayer, Symbiotic, and Karak [S1]. Yield accrues through an exchange rate mechanism that increases the value of each token over time [S1], alongside protocol points from Lombard, Babylon, Symbiotic, Karak, ether.fi, and Veda [S1].

The issuer, Ether.Fi SEZC, is a Special Economic Zone Company formed in the Cayman Islands [S1]. It states it is not registered or licensed as a securities exchange, broker, dealer, investment adviser, money transmitter, or virtual asset service provider [S1]. The service is strictly non-custodial, and the issuer does not hold custody or control of tokenholder assets, which remain governed by the holder's private keys [S1]. The service is unavailable to U.S. persons and to residents of Canada, and is prohibited in sanctioned jurisdictions including Cuba, Iran, North Korea, and Syria [S1]. Withdrawals are completed onchain by the tokenholder [S1].

eBTC is an ERC-20 token deployed with identical contract addresses across Ethereum mainnet, Base, Arbitrum, and Corn [S1]. It uses Veda's BoringVault architecture, with a Teller contract handling mint and redeem and an Accountant contract publishing the exchange rate [S1]. Deposits are accepted in LBTC and WBTC, and withdrawals settle after a seven-day withdrawal period [S1].

<Sources
  retrievedAt="2026-09-10"
  items={[
    { id: "S1", url: "https://help.ether.fi/en/articles/593396-ebtc" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Tokenized funds

Stakers deposit funds into Ether.fi and receive a return on investment in the form of staking rewards (supply-side fees).

Ether.fi is a non-custodial staking protocol built on Ethereum and other blockchains. Ether.fi was founded by Mike Silagadze and launched in 2023.

Ether.fi team & investors own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). Ether.fi’s investors include North Island Ventures, Chapter One, Node Capital, and Arthur Hayes.

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Liquid staking

Ether.fi

ether.fi eBTC (eBTC) is a tokenized fund share issued by Ether.fi.

The fund is open-ended and invests in crypto assets.

Retail investors, professional investors, accredited investors, qualified investors, and qualified purchasers can mint and redeem directly with Ether.fi in BTC, and holders have a right to redeem at net asset value with monthly settlement.

eBTC has been issued on Ethereum as an ERC-20 token since August 2024, with a bridged version on one more network.

ether.fi eBTCeBTC